This practice exam can be taken as many times as needed to feel confident and prepared for the Transactions Exam.
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You noticed that your new client has a negative balance due from Customer T. What could be causing this negative balance?CorrectIncorrect
Your client buys 3 months of insurance for $330. What entries do you need to make?CorrectIncorrect
Your client paid $2,500 in franchise fees at the beginning of their agreement. How do you record this transaction?CorrectIncorrect
Your client is showing duplicate expenses for rent each month. What might be causing this issue?CorrectIncorrect
Your client paid April’s sales tax on June 5th. How do you record this transaction?CorrectIncorrect
Your landscaping client has a three year loan on the company mower. What entries do you make each month?CorrectIncorrect
Your client is a partnership. Their Balance Sheet is showing $11,000 at year-end in Retained Earnings. What do you do?CorrectIncorrect
Your new client says the revenue on his income statement is more than his records show. What could be causing this difference?CorrectIncorrect
Your client has paid interest on a loan for the business vehicle. Where can you find those transactions?CorrectIncorrect
Your client gave away his office water cooler with a book value of $350. How do you record this transaction?CorrectIncorrect